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Copper trades near 7-week low ahead of U.S. durable goods data, Fed

Published 01/28/2014, 04:43 AM
Copper futures hold near 7-week low ahead of U.S. durable goods data, Fed
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Investing.com - Copper futures held near a seven-week low on Tuesday, as investors looked ahead to U.S. durable goods data due out later in the session to gauge the strength of the economy.

Investors also remained cautious ahead of the Federal Reserve’s highly anticipated policy meeting due to begin later Tuesday, with some expecting the central bank to cut its bond buying program to USD65 billion from the current USD75 billion.

The Fed announced its first cut to the USD85 billion in monthly bond purchases in December, citing an improving economy.

On the Comex division of the New York Mercantile Exchange, copper futures for March delivery hit a session low of USD3.252 a pound, the weakest level since December 10, before turning higher to trade at USD3.266 a pound during European morning trade, up 0.2%.

The March copper contract settled 0.38% lower on Monday to end at USD3.259 a pound. Copper prices were likely to find support at USD3.247 a pound, the low from December 10 and resistance at USD3.287 a pound, the high from January 27.

Elsewhere on the Comex, gold for April delivery fell 0.75% to trade at USD1,253.90 a troy ounce, while silver for March delivery dipped 0.25% to trade at USD19.74 a troy ounce.

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